But while those rumors have been fun to speculate on, the prospect of the “iPad mini” has never been more believable than it is now because of the Google Nexus 7 tablet. The $200 Nexus 7 is the best Android tablet we’ve seen yet, and it beats out the Kindle Fire, Samsung Galaxy Tab 2, and other 7-inch tablets with its powerful hardware, Google Play access, and Android 4.1 “Jelly Bean” operating system.

Bloomberg’s report also notes that the iPad mini will not feature a Retina display in order to keep costs down and says it will likely debut in October, which is when is when we expect Apple to announce the next-gen “iPhone 5.” An iPad mini would most likely carry a price between $200 and $300 to stay competitive.

Let us know in the comments if you’d be interested in buying an iPad mini.